CDNS collects Rs.95 bln till October 15

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ISLAMABAD, Oct 27 (APP): The Central Directorate of National Savings (CDNS) has collected Rs.95 billion as against the proportionate target of Rs.88 billion till 15 October during the current fiscal year (2015-16).
An official of the CDNS informed APP here on Tuesday, the estimated
target of the national savings for the year 2015-16 has been set for Rs. 302
billion.
Likewise, he said during the first quarter of current fiscal year the CDNC collected Rs 82 billion as against the proportionate target of Rs.66 billion.
The official said the federal government has also started making
adjustments in the profit rates on new saving schemes from October 01, 2015.
He said the instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of National Savings.
As per notification issued by the federal government, the new rates for Special Savings Certificates, Regular Income Certificates,Defence Savings Certificates and Savings Accounts have been fixed at average 7 percent, 7.8 percent, 8.87 percent and 4.25 percent respectively.
The official said, the profit rate of return for specialized Savings
Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 7.848 percent and 10.8 percent in order to provide safety net to specialized segment of society, the official said.
He said the proposal to launch registered prize bonds with offering
coupon as well as prize is also under consideration.